Bitcoin price rebounds above $89k; Is BTC poised for more gains?
- Bitcoin price bounced to around $89,577 to recoup key support levels.
- With the upbeat reaction to recent selling, bulls are signaling a potential breakout.
- However, macroeconomic conditions point to Bitcoin facing a key resistance at $90,000-$95,000.
Bitcoin has staged a notable recovery in the early trading session on Monday, December 22, as the price climbed back above the $89,000 mark.
While overall sentiment hovers in the red, this rebound to highs of $89,577 could inject more momentum into the token.
Investors, who are anticipating the potential year-end surge commonly referred to as the “Santa rally”, hope that it might help push BTC price higher.
Altcoins are also similarly poised despite steep losses in the past month.
Bitcoin price gains to $89k
After experiencing significant downward pressure in recent weeks, Bitcoin has demonstrated notable resilience.
The digital asset dipped to lows around $80,000 in mid-November.
Driving this has been heightened volatility across the market, leveraged position unwinding, and broader macroeconomic uncertainties.
However, bullish forces regained slight control to push to highs of $94,136 on December 9, 2025, before profit-taking hit once again.
The fresh drawdown allowed sellers to crash to around $84,400 a week later.
Prices have edged up in the last three days.
The number of entities holding at least 1,000 BTC, commonly known as whales, has begun to rise again following a sharp decline on December 17.
This indicator, which tracks large holders, suggests that major investors are leaning toward accumulation rather than selling.
Since December 20, the tally of these significant holders has been gradually increasing.
Although the figure remains slightly below six-month highs, the upward trend indicates cautious buying as Bitcoin prices stabilize.
On Dec. 22, buyers pushed the price above $89,577 amid a recovery that reflected increased buying interest.
Trading volumes picked up as market participants positioned for potential upside.
The move towards the key $90k level marks a critical reclamation of support for the benchmark cryptocurrency.
A shift in short-term sentiment from bearish deleveraging to cautious optimism looks poised to boost bulls.
BTC price forecast
Bitcoin’s trajectory into the new year has been punctuated by a series of dips.
Also, the cryptocurrency has largely underperformed most of the 2025 projections.
Forecasts targeting $200,000 to $250,000 for the year’s high have not materialized, despite BTC hitting the all-time high of $126,000 in October.
Major factors such as persistent volatility, forced liquidations, and challenging macroeconomic conditions contributed to the sharp retreat from those peaks.
Nevertheless, the current rebound has sparked discussions of the “Santa rally,” a seasonal phenomenon where risk assets often experience gains during the holiday period.
Bitcoin price chart by TradingView
If bullish momentum sustains, Bitcoin could aim for a retest of $95,000-$100,000 in the near term.
Supported by institutional inflows and reduced selling pressure, there’s potential for upside action to the $105,000-$110,000 in the coming months.
Citi predicts BTC to reach $143,000 in 2026.
Macroeconomic conditions and renewed demand via exchange-traded funds could be key catalysts.
However, failure to maintain upward traction amid ETF outflows may expose the asset to renewed downside risks.
A potential revisiting of the sub-$80,000 territory remains if bearish forces prevail.
The post Bitcoin price rebounds above $89k; Is BTC poised for more gains? appeared first on CoinJournal.
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